An insurance actuary is a professional who analyzes financial risk using mathematics, statistics, and financial theories. They will provide the statistical probability of a future event occurring (such as accidents or natural disasters), and advise managers on how to reduce any likely financial impact of adverse events. • Ability to use database software, programming languages, and statistical modeling software They are logical, efficient, orderly, and organized. Assessing risk is an integral part of many industries, from insurance to financial speculation. What Is an Actuary? Their job may also include financial analyzing and reporting, preparing tax returns, auditing accounts, and/or acting as consultants on a wide variety of financial matters. What does an actuary do? They use their immense sea of knowledge and creativity to lessen the impacts of risks. Actuaries are experts in: Evaluating the likelihood of future events—using numbers, not crystal balls. Yet each will perform different business functions, and will serve different purposes. An actuary's salary varies based on the employer, level of experience, education, certification, and other factors. Subtitle The course that provides a practical overview of the day to day work of an actuary in an insurance environment. An actuary is a business professional who deals with the measurement and management of risk and uncertainty. • Understanding of human behavior Have you considered just how many actuarial exams are there to be taken during your actuary career? Actuaries are finance professionals who analyze risk in the insurance industry, assessing the financial cost associated with uncertain future events. Most employers look for candidates that have had some actuarial experience before consideration. Actuaries possess a unique mix of mathematical, analytical, communication and management skills. On a daily basis, Actuaries provide advice to clients on a contract basis, working as a consultant. It’s the perfect career for someone who loves numbers! Actuaries have distinct personalities. The Society of Actuaries defines an actuary as ‘part super-hero, part fortune-teller, part trusted advisor.’ This characterization speaks both to the expanse of the work and to the kinds of people that tend to do it best. Source: U.S. Bureau of Labor Statistics, 2017. The main goal of your job as an Insurance Actuary is to evaluate all possible outcomes for all groups of people. The work varies by specialty and by employer, but typically you'll be working with quite a bit of data, performing various calculations, looking for patterns and trends, and recommending what price to charge for an insurance deal or how much to set aside to pay for claims. The actuary’s work of managing risk involves analyzing the possibility of future events by using numbers, building safeguards into decisions concerning the future, and laying the groundwork for profit. The actuarial data they generate is essential for the successful enterprise risk management efforts of companies, which must continually modify their business, research and development, and marketing operations to control their overall financial risk exposure and ensure the stability of their business operations. They feel those students are pigeon-holed.’. The first four tests in the series of exams are known as preliminary exams. This will also help you decide if you're headed on the right career path. They are employed in banks, government agencies, consulting firms, technology firms, health-care organizations.. anywhere that collects and handles large amounts of data. If you're going to work in the insurance industry, it helps to know something about it. 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